UAE cbank money supply M1 tops $140bn in April

ABU DHABI, May 23, 2018

The UAE’s Central Bank has announced that the Money Supply aggregate M1 increased by 1.3 per cent, from Dh510.6 billion ($139 billion) at the end of March to Dh517.4 billion ($140.8 billion) at the end of April, a media report said.

The Money Supply aggregate M2 increased by 1.5 per cent, from Dh1293.8 billion at the end of March 2018 to Dh1313.1 billion at the end of April 2018, reported Emirates news agency Wam.

The Money Supply aggregate M3 also increased by 0.5 per cent, from Dh1526.7 billion at the end of March 2018 to Dh1534 billion at the end of April 2018. The increase in M1 was mainly due to a rise of Dh6 billion in Monetary Deposits. The increase in M2 was brought about by the increase in M1 and a Dh12.5 billion increase in Quasi-Monetary Deposits. M3 rose due to a combined increase in M1 and M2, overshadowing a Dh12 billion reduction in Government Deposits.

Gross bank assets, including bankers’ acceptances, decreased by 0.2 per cent, falling from Dh2718.3 billion at the end of March 2018 to Dh2711.7 billion at the end of April 2018.

Gross credit also decreased by 0.1 per cent from Dh1608.1 billion at the end of March 2018 to Dh1606.6 billion at the end of April 2018.

During April 2018, total bank deposits fell by Dh2.3 billion, due to a Dh3.7 billion decrease in resident deposits, overriding a Dh1.4 billion increase in non resident deposits.